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Über dieses Buch

This book is a comparative study of international practices in bankruptcy law, providing perspectives from a variety of specialisms including practitioners, lawyers, bankers, accountants and judges from the United Arab Emirates, the UK and Singapore.

Inhaltsverzeichnis

Frontmatter

1. Overview of Corporate Restructuring and Insolvency Law and Practice in England and Wales

Abstract
An examination of the development of the law and practice in other jurisdictions is a useful exercise in the formulation of new laws. English insolvency law has a long and established history dating back to the nineteenth century. The English insolvency laws up until 1986 were considered very favourable to creditors, but in 2002, changes were introduced1 which promoted a rescue culture more favourable to debtors. Despite this change, it continues to be the case that most restructurings are achieved in England, without formal recourse to the formal insolvency laws. Instead, insolvency laws are used as an incentive for restructurings to take place outside of the formal procedures, and creditors and debtors are therefore encouraged to participate on a consensual basis. Where consensus is impractical or impossible, restructurings are facilitated by the various tools available within the insolvency and companies legislation.
Adrian Cohen, Gabrielle Ruiz

2. Role of Insolvency Practitioners in Restructuring and Bankruptcy in the UK

Abstract
In the United Kingdom there are three separate legal jurisdictions:
  • • England and Wales
  • • Scotland
  • • Northern Ireland
Helen Smithson

3. Maximizing Enterprise Value and Minimizing “Hold Up Value”: Reorganizations in the United States under Chapter 11 of the US Bankruptcy Code

Abstract
From the formation of the United States, the framers of the US Constitution understood that an integrated national economy and efficient capital markets are defined in part by the means to realize the value of distressed businesses and reallocate capital to more productive enterprises. As a result, the US Constitution empowers the federal government with the exclusive authority to establish bankruptcy laws that apply uniformly across all of the United States.1 The US Bankruptcy Code2 has since evolved to provide one of the most dynamic systems in the world to preserve, maximize and allocate value of distressed businesses through a broad range of transactions negotiated by those with financial interests at stake. Because businesses organized both inside and outside of the United States may be eligible for reorganization under the Bankruptcy Code, it has become part of the foundation for capital markets around the world.3 The Bankruptcy Code is a globally accepted example from which the United Arab Emirates may draw statutory tools to accelerate its economy and role in global financial markets by implementing national laws that maximize the value of insolvent businesses through reorganization.
Mitchell A. Seider, Adam J. Goldberg, Christian Adams

4. The Role of US Judges and Courts in Enforcing US Bankruptcy Law

Abstract
Bankruptcy laws in the United States did not always provide debtors with the financial “fresh start” that is now considered fundamental to the system.1 Indeed, in early American history, imprisonment for debt was the common practice.2 The modern incarnation of bankruptcy law in the United States can be traced back to the US Constitution, which went into effect in 1789. Under Article I, section 8, Clause 4, the US Congress was granted the power to establish “uniform Laws on the subject of Bankruptcies throughout the United States.”3
Arthur J. Gonzalez

5. The Effects of Business Insolvency on the Duties and Liabilities of Directors and Officers — A Comparative Analysis With Recommendations to Promote Good Decision—Making

Abstract
Modern company laws have governance rules that are designed to promote good decision-making by a company’s directors and officers for the benefit of the company and its owners. In large part, this result is achieved by imposing fiduciary duties on these company managers. The rules concerning these duties have two important components that stand in tension with each other. First, they make the managers accountable for their actions and expose them to personal liability if they breach their duties. Second, modern rules about fiduciary duties also protect managers, so the fear of personal liability does not unnecessarily compromise their business judgment or lead them into making overly conservative decisions. Modern company laws strive to refine their system of director duties, so these two components are properly balanced.
David S. Curry, Joseph U. Schorer

6. Global and Regional Practices in Financial Restructuring and Bankruptcy Laws: Lessons to Be Learned from Singapore

Abstract
Singapore has a generally well-regarded restructuring and insolvency regime. This chapter sets out the authors’ opinion as to what are the possible lessons one can glean from Singapore’s restructuring and insolvency regime. As will be apparent from this chapter, no system is perfect, and Singapore has learnt from its history and experience as its insolvency regime continues to develop. Before dealing with what the possible lessons are, this chapter will briefly introduce the Singapore legal system and the history and laws governing restructuring and insolvency. These are important for understanding the context in which the Singapore restructuring and insolvency regimes operate.
Andrew Chan

Backmatter

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